2007-02-19 23:56:47 · 7 answers · asked by jiya r 1 in Social Science ➔ Economics
Scarcity has to exist. Even if there was an infinite number of everything, there would still not be enough time to consume as many things as you want.
However, assuming it did not exist, there would be no need for an economy. People would just take what they needed, and give what was needed.
2007-02-20 00:34:23 · answer #1 · answered by Time to Shrug, Atlas 6 · 1⤊ 0⤋
i agree that there would be no economy. assess the description of an economy; it all relates to methodoly, techniques etc etc to satisfy wants and needs that exist because of scarcity. if there was no scarcity then, why would be need economics?
2007-02-20 01:15:32 · answer #2 · answered by sm1113 1 · 0⤊ 0⤋
When scarcity does not exist, price drops. Once the price drops low enough, producers get out of the market, which creates scarcity. Then the price begins to rise. That's the law of supply and demand.
2007-02-20 00:00:19 · answer #3 · answered by Terri J 7 · 0⤊ 1⤋
Good Q. The politicians would be in turmoil as they could not practice their fine art of economic discrimination on the populace. They would find another way to 'control' us though.
2007-02-20 00:01:33 · answer #4 · answered by DAVE 6 · 1⤊ 0⤋
Economy would be free from Poverty.
2007-02-20 00:00:26 · answer #5 · answered by Sheeth 5 · 0⤊ 0⤋
Then there would be no economy.
2007-02-19 23:58:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no economy then
2007-02-20 00:10:16 · answer #7 · answered by PRASSANA K 3 · 0⤊ 0⤋